Subsequent Events

12 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

Subsequent Events

16. Subsequent Events

Subsequent events have been evaluated through the date the consolidated financial statements were issued. There have been no subsequent events that require recognition or disclosure through the date the consolidated financial statements were issued, except as disclosed below.

On January 2, 2020, the 2016 DCCA vested in accordance with the terms of the agreement and a cash payment in the amount of $43.7 million was made to the CEO, in satisfaction of Mr. Gabelli’s deferred variable compensation of $76.0 million for 2016. This payment was reduced by $32.3 million resulting from the DCCA being indexed to the GBL stock price and utilizing the lesser of the VWAP on the vesting date ($18.8812) versus the VWAP over 2016 ($32.8187).

On February 4, 2020, the Board of Directors declared a regular quarterly dividend of $0.02 per share to all of its shareholders, payable on March 31, 2020 to shareholders of record on March 17, 2020.

On March 5, 2020, the Board of Directors authorized the granting of 392,700 RSAs. The RSAs will vest 30% after the third anniversary date and 70% after the fifth anniversary date.

From January 1, 2020 to March 6, 2020, the Company repurchased 55,093 shares at $17.16 per share. As a result, there are 1,188,042 shares available to be repurchased under the Company’s existing buyback plan at March 6, 2020.